E-Invoicing Software
Maintain your mandatory business compliance under GST and invoicing rules now in India with Vyapar’s e-invoicing software, which ensures faster and easier GST tax returns and other invoicing operations. Avail 15 days free trial and get started now!
What are the Importance of e-invoicing Software in the Business World?
There are several reasons why e-invoicing software by Vyapar is essential for multiple businesses. The method of trading is highly competitive, and bringing new customers and keeping them seems to be the primary goal for any business, whether you are:
- Retailer
- Wholesaler
- Manufacturer
- Service Provider
So, if you wish to run a profitable business, you must seek ways to save time and money. As a result,
scaling your entire billing strategy with clever online billing management software could be a good idea.
Scaling your company may appear impossible, but it is doable if you take the necessary steps, starting with
your pricing structure.
Points are given below highlight the importance of Vyapar e-invoicing Management Software:
Brings Simplicity:
The conventional method to generate an e-invoice is complex. Vyapar makes it seamless for businesses to
create an e-invoice and fill out the information needed, which takes about 10-20 minutes.
The Vyapar app makes it seamless to store invoices, generate reports, automate inventory tracking, and
provide multiple payment collection methods. Thus, using the e-invoicing software saves you the hassle
of using multiple business management apps.
With Vyapar’s online invoice management software, one can save all of their client’s
information in the cloud. All you have to do is access the system, select the client to whom you want to
send the invoice, select inventory product/services, update quantity and create an invoice in a click.
Reduces Error:
Vyapar’s e-invoice management software generates a bill with correct calculations. There
is no room for error because the entire billing process is automated. You can cross-check once again at
the end when the invoice is all set to send forth.
However, if the same task is done manually, there is always a probability of making errors, even when
the person is all-experienced and trained. Hence it is better to follow and do invoicing operations on
the e-Invoicing Software of Vyapar.
Improves Brand Identity:
Brand identity can be reinforced by using cloud-based invoice management. One can change
their logo, colour combinations, and fonts to meet the tone of your brand. One will be more likely to be
paid on time if you incorporate your company’s brand recognition into your billing creation system.
Vyapar’s e-invoicing software also provides features that can be used to personalize
your invoices as per your specific needs.
An Eco-friendly Alternative:
It is widely known that electronic invoicing is four times less harmful to the
environment than conventional paper-based invoicing. Because digitisation saves trees, you are cutting
emissions at the end of the day.
These are just a few ways a good invoicing and billing management website solution like Vyapar can help
boost a company’s productivity.
Simplified administration:
Successful cash flow management involves automating one’s invoicing process and reducing administrative
costs. Compared to a manually prepared bill from scratch, quick and automated invoice management
software like Vyapar reduces the margin of error.
This can also save the firm much time, which the firm can put towards other critical corporate tasks.
Straightforward Auditing:
Estimates, expenditures, and invoice receivables are kept on your cloud invoicing software’s dashboard,
allowing you to control and audit multiple accounts from a single location.
In case you are handling multiple businesses or multiple clients at a time. Using Vyapar’s
online-invoicing software application, you can add multiple businesses to a single account.
You can manage them all with the business dashboard. It will make overall invoicing work easier.
What is E-Invoicing?
The e-Invoice System is for a GST registered business for uploading all the B2B invoices in real-time to
the Invoice Registration Portal (IRP). Post upload, the IRP generates and returns a unique Invoice
Reference Number (IRN), digitally signed e-invoice and QR code to the user. At present, e-invoice is
mandatory for all the businesses having annual turnover of more than 10 Crores.
E-invoicing, also known as electronic invoicing, is a system wherein B2B invoices are electronically
authenticated by the GSTN/IRP portal of the Government of India. This is accomplished by
assigning/validating an identification number (IRN) and QR code to each invoice for use by various
government portals such as GSTN or e-way bill portals.
This will effectively remove the need for manual data entry when filing ANX-1/GST returns, as well as
generation of part-A of e-way bills, and will simplify and automate the compliance process, reduce data
errors, and allow interoperability and readability with other systems, as well as quick payment of input tax
credit.
Invoices are generated by all businesses, large and small, using various accounting/ERP software or even by
hand. These are then transmitted as GSTR-1 returns. The submitted invoices are then represented in GSTR-2A
for the benefit of the recipients.
What is the Role of an E-Invoicing Software?
E-invoice fills a major gap in data reconciliation under GST to reduce mismatch errors. E-invoices created on one software can be read by another, allowing interoperability and help reduce data entry errors. Real-time tracking of invoices prepared by the supplier is enabled by e-invoice.
E-invoicing software has been crucial for business firms to track their state of affairs, sales, purchase information, etc. Here are some ways e-invoicing software can contribute more to your business or work:
E-Way Bill Generation:
Creating e-way bills is very simple when using advanced e-invoicing software. The taxpayer only needs to enter the vehicle details in Part A of the e-way bill to generate an auto-populated e-invoice that can be easily verified at the GST portal.
Time-Saving:
E-invoicing software is simple to use and quick in the process. The e-invoices in Vyapar can be created
using a simple method, making it seamless for all business owners. These automated systems enable a
company to save a significant amount of time.
An electronic approval system removes the need for people to search through filing cabinets for
information. An e-invoicing system eliminates the need for managers to approve payments because the
system verifies that the transaction is valid.
Simplifies Buyer’s Purchase Process:
With the use of e-invoicing software, the buyer, in real-time, can compare the e-invoice
with the purchase agreement and accept or reject the e-invoice. After authentication, there are multiple
options available to share e-invoice.
One can share e-invoices using the Vyapar app through WhatsApp, transaction messages, print, or other
methods. The invoice can also be delivered to the buyer’s email address listed on the e-invoice.
Safe From Frauds:
The buyer and seller can feel assured that there won’t be any more fraud with e-invoicing
software as the e-invoice can be verified using the QR code and IRN. The information is
available to taxpayers and state officials in real-time.
Nevertheless, it should not be noted that due to the digital feature, e-invoices can be verified anytime
and by anyone using a QR code and IRN printed on the e-invoice.
What are the Key Features of an E-Invoicing Software?
A genuine e-invoicing solution should be entirely electronic, with all data adequately integrated into
the system to ensure that processes such as contract matching, purchase orders, item receipts, and so on
are as seamless as possible.
With the right system, your account payable employees can do more than just enter data. If a company is
considering implementing an e-invoicing solution, here are some key features that one
must look for. Make sure to choose and implement the solution that suits your requirements and needs.
Invoice Reference Number:
The Invoice registration portal creates a unique invoice reference number for
electronically posted invoices under the new e-invoicing system (IRP). A hash algorithm is also used to
compute IRN.
IRN ensures that the provider will not upload the same e-invoice more than once. You can verify the
authenticity of the e-invoice using IRN or barcode.
Automatic Sending And Receiving:
Companies typically automate only one invoicing method (sending or receiving invoices). Consider this
factor when looking for e-invoicing software and prioritising solutions that enable you to automate all
processes.
Automating both the receipt and transmission of invoices results in a shorter pay period and allows your
business to save money, increase scalability, stay on top of payouts, and get the best ROI possible.
Better Integration With Other Systems:
Maintaining a smooth data flow throughout your organisation is difficult if the e-invoice
solution does not merge well with other work-specific enterprise applications. Many
e-invoicing alternatives are not built to work with complex organisational networks.
If your company requires invoicing solutions to serve data into existing systems, ensure that the vendor
can supply you with safe and seamless software integration.
Support And Safety:
Businesses handle massive amounts of sensitive data daily, which must be safeguarded at all costs. Take
the time to carefully evaluate and analyse vendors who fully recognise data’s importance and have made
data security one of their business objectives.
It is going digital to increase productive capacity by elevating routine things, saving physical time
and resources, and providing immediate access to invoices at any time. The solution for you is software
that eliminates your daily hassle.
How to Access e-invoicing Software in the Vyapar App in Small Steps?
You can access the Vyapar app’s e-invoicing software in many ways. There are a few steps that you need to follow to gain full access:
Download the Vyapar App:
To begin utilising the Vyapar app, one must first download it. It is available for both Android and Windows PC. You can use Vyapar’s e-invoicing software with all premium features at a small subscription fee after the 15-day free trial. Follow the steps below after you’ve downloaded the Vyapar e-invoicing software. The planning app must be fully comprehended before being used. One should make sure that none of the steps should be skipped.
Multiple Login Facilities:
You will need multiple login activities if you have multiple-invoicing management activities or if you
want the employees to access the e-invoicing software app. One can also have multiple login options with
Vyapar’s e-invoicing app.
One will also be able to access information from any location. You are not required to rely solely on
one device. This is especially important in the post-pandemic era when many employees work from home.
They will all be capable of working on the same file, accessing the same information, and providing
feedback. You can also share the information for each of your staff at any time, no matter where one is.
Organising Data:
With different movements occurring in the e-invoice management industries at any time, recording all of
one’s work and managing orders is not simple. However, the Vyapar e-invoicing app helps organise the
data to meet the firm’s specific requirements.
Such detailed information also assists in developing new ideas and business pitches. When you use
Vyapar’s e-invoicing software, you gain these operational advantages. Numerous features
will enable you to get the most out of one app.
How does E-Invoicing Software by Vyapar Help Businesses?
The fundamental advantages of e-invoicing stem primarily from simple features and functionality, such as
eliminating unnecessary steps in invoice processing. For example, e-invoicing eliminates the need for
software swapping, manual data entry and accuracy checks.
All you must do is ensure that the invoice format effectively aligns with the requirements of the
buyer’s system. Given below are the primary benefits of using Vyapar E-Invoicing
Software
Curbing Tax Evasion:
The advantages of e-invoicing under GST (Goods and Services Tax) indicate opportunities for dealing with
tax evasion. E-invoicing operating systems offer real access to billing data, reducing the possibility
of invoice manipulation.
As a result, using Vyapar’s e-invoices reduces the possibility of fake GST invoices
while also ensuring legitimate ITC (Input Tax Credit) claims. Including input tax credits and output tax
information in e-invoicing software can also assist tax officials in detecting fake input tax credits.
Better Control And Invoicing Procedure:
Vyapar online-invoicing software allows you to save all of your invoices on a single
platform which you can access from any device at any time. You can manage your entire data anywhere
using the business dashboard.
Automated reports and analytics can provide a comprehensive overview of your invoicing process.
Vyapar’s e-invoicing software also provides real-time insights into your cash flow and
finances.
Time Saving And Improving Productivity:
One of the most significant benefits of Vyapar’s e-invoicing is increased productivity.
Many unnecessary steps in the invoicing process are eliminated with such e-invoicing.
As a result, using e-invoicing software like Vyapar can save you and your customers a significant amount
of time.
Track Invoices Easily:
Another significant advantage of using Vyapar’s e-invoicing software is the ease of
tracking invoices. With the help of e-invoicing software, one can determine the time of sending,
observing, and paying an invoice.
With the business dashboard, you can keep an eye on all pending payments and send payment reminders to
keep cash flow in check.
Why is Vyapar the Best E-Invoicing Software for Business Management?
When you can reap multiple benefits from a single action, it feels worth investing, right? It will be
exactly like that if you use Vyapar. There will be many roadblocks along the way when you are just
starting your small business.
It would be ideal if you had a dependable app and software to help you navigate the numerous roadblocks
you will encounter along the way. Here are some of the reasons why Vyapar is the best
e-invoicing software app
Multiple Features:
One does not simply select Vyapar’s e-invoicing management app. They also gain access to
additional features designed specifically for small businesses.
A sales reporting system, information storage, the printing of GST bills, and many other features are
available for the users in Vyapar’s multipurpose app.
People-Efficient:
You may not have many people on your team when you are just starting. In the beginning, it’s mostly you
or a few other people. Vyapar’s e-invoice management app ensures you have all the
required facilities accessible to manage your business.
Using the Vyapar e-invoicing software, you can enable sync between all the devices used by your staff.
It will ensure all data is updated in real-time across devices, making it efficient for your business.
Easy-To-Use:
When most people start their businesses, they don’t always know the complexities of e-invoicing. You
aren’t alone in this situation, and thus to help MSMEs, Vyapar makes it seamless to generate e-invoices
and manage accounts.
Any person with no experience in sales, marketing, or accounting, can use the app. Vyapar’s easily
accessible software application makes it simpler for people to understand the fundamentals and correctly
use the application.
Frequently Asked Questions
What Software is Best for E-Invoices?
To generate various types of invoices online, e-invoicing software is used. It is mainly used in
businesses and organisations to maintain records effectively. They typically include several built-in
templates for tracking daily tasks, revenues, and prices.
The best e-invoicing software in the market today is provided by Vyapar, offering multiple solutions and
services for record-keeping and business management.
What is E-Invoicing and How Does it Works?
E-invoicing is an abbreviation for electronic invoicing. It is the procedure for GST registered person
for uploading all the B2B invoices in real-time methods of payment are eliminated in the e-invoicing
process.
They usually include a graphical representation of the billing data. They can, however, be rendered
temporarily during handling or transposed into visual formats.
How can I Generate an E-Invoice?
You can generate the e-invoice very quickly with Vyapar e-invoicing software. The following are the steps to generate an e-invoice. Make sure you don’t skip any particular steps.
- Click on “Add sale” and update items & sale-quantity
- Select a GST registered party
- Click on “generate e-invoice”
- Login using GSTIN, GSP username and Password (For the first time user).
What is The Difference Between Invoice and E-Invoice?
The primary difference between an e-invoice and a simple invoice system is that a simple invoice
mechanism applies to all taxpayers. Even a non-GST business is required to create an invoice.
In contrast, an e-invoice system applies to businesses with more than 10 crores annual turnover starting
October 2022.
What is the Applicability of E-Invoicing?
The Indian government announced a phased reduction in the annual turnover threshold for mandatory
e-invoice issuance for businesses, beginning with INR 50 crore and gradually decreasing to INR 20 crore
(April 1, 2022) and INR 10 crore (October 1, 2022).
This change is expected to impact smaller businesses, which will now be required to issue electronic
invoices. The following sections cover the policy change and the method for creating e-invoices.
What is the E-Invoice Registration Portal (IRP)?
The e-Invoicing portal to which you must send your invoice details is the Invoice
Registration Portal (IRP). The IRP will generate a unique Invoice Registration Number
(IRN) and QR code for each invoice submitted.
For invoicing under GST, registered taxpayers must first register on the IRP and create an account.
What is an Invoice Reference Number (IRN)?
The Invoice Reference Number (IRN) is a unique identification number (also known as a hash) created by the Invoice Registration Portal (IRP) under the e-invoicing system using a hash generation algorithm.
Is it Mandatory to Generate The IRN?
Yes, generating IRN does hold some importance. Suppose a company meets the e-invoicing
threshold but does not generate an e-invoice. In that case, i.e. the invoice does not include the
official billing reference number from the IRP, the invoice is invalid.
Non-issuance of IRN, despite being under the limit, will also result in penalties.
What Indicates That the IRP has Approved the E-Invoice?
The IRP will respond to the seller with a signed IRN. The IRP will also revert a QR code containing the IRP’s digital signatures.
E-Invoicing is Applicable for What Kind of Transactions?
E-invoice is only applicable to B2B e-commerce (i.e. supply of goods or services or both to registered persons). E-invoicing aims to reduce tax evasion, auto-populate various returns, and reduce the reconciliation problem that is currently prevalent under GST.
Is E-Invoicing Mandatory? To Whom will E-Invoicing Apply? What are The Dates of E-Invoicing?
E-invoicing is mandatory for companies with a turnover of more than 10 crores beginning October 1, 2022.
Is it Possible to Have More Than One QR Code on the E-Invoice?
Aside from the IRN-related QR code, the Supplier is free to include any other QR code required for business purposes or mandated by any other statutory requirement.
